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    Assignment-6 Dissolution

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    Anish Aggarwal
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    Assignment-6 Dissolution

    Uploaded by

    Anish Aggarwal
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    Ch 6 assignment accounts

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    assignment-6 dissolution

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    Ch 6 assignment accounts

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    Download as docx, pdf, or txt
    5 views2 pages

    Assignment-6 Dissolution

    Uploaded by

    Anish Aggarwal
    Ch 6 assignment accounts

    Copyright:

    © All Rights Reserved
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    ACCOUNTANCY ASSIGNMENT - 7

    CLASS XII

    DISSOLUTION OF PARTNERSHIP FIRM

    Q-1 What is meant by ‘Dissolution of a Partnership firm ?

    Q-2 State any one point of difference between Realisation Account and

    Revaluation Account .

    Q-3 All partners wish to dissolve the firm . Yastin , a partner wants that her

    loan of ` 2,00,000 must be paid off before the payment of capitals to

    the partners . But , Amart , partner wants that capitals must be paid

    before the payment of Yastin ‘s loan . You are required to settle the

    conflict giving suitable reason .

    Q-4 Rohit and Suresh are in partnership , sharing profits and losses in the

    ratio of 2:3 . On March 31st 2005 , they agree to dissolve the business .

    Pass necessary journal entries at the time of dissolution to record the

    following:

    (a) Realisation expenses amounted to ` 2,000 .

    (b) Deferred revenue adverstising expenditure appeared at ` 60,000.

    (c) P & L Account appearing on the assets side of the Balance sheet

    At ` 30,000.

    (d) An unrecorded asset of ` 3,000 was taken over by Suresh .

    (e) Liablilities amounting to ` 24,000 , already transferred to Realisation

    Account were settled at ` 22,000 .

    (f) Loan to Rohit was adjusted through his capital Account ` 15,000 .
    Q-5 Sanjay , Tarun and Vineet shared profits in the ratio of 2:2:1 .

    On March 31, 2018 their Balance Sheet as follows :

    Liabilities ` Assets `

    Capital -- Plant 90,000


    Sanjay 1,00,000 Debtors 60,000
    Tarun 1,00,000 Furniture 32,000
    Vineet 70,000 2,70,000 Stock 60,000
    ________ Investment 75,000
    Creditors 80,000 Bills Receivable 36,000
    Cash in Hand 32,000
    Bills Payable 30,000 Advertisement Suspense
    Expense 5,000
    Workmen Compensation Fund 10,000
    Goodwill 6,000
    Provident Fund 6,000

    3,96,000 3,96,000-
    ----------- -----------
    ----------- -----------

    On this date the firm was dissolved . Sanjay was appointed to realise the
    assets . Sanjay was to receive 5 % commission on the sale of assets
    (except cash ) and was to bear all expenses of realisation . Compensation on
    account of workmen compensation is ` 6,000. Employees Retrenchment
    compensation to be paid `15,000. There was a bill of ` 5,000 under discount
    received from a debtor, A, who has been declared insolvent . 65% was realised
    from A’s estate. The firm never allowed anybody to beat them in quality and
    price.

    Sanjay realized the assets as follows : Plant ` 75,000 ; Debtors ` 55,000;


    Furniture ` 19,000 ; Stock 90 % of the book value ; Investment ` 76,000 and
    Bills Receivable ` 34,000 . Expenses of realisation amounted to ` 4,800 .
    Prepare Realisation Account , Capital Accounts of Partner and Cash Account
    and identify the business value. .

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